Medical Claims Management Solutions Market Outlook: Industry
Report, Market Volume and Growth In Future
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Medical Claims Management Solutions Market
A medical claim is a detailed invoice that a health care provider sends to the health insurer,
exactly showing the services that have been rendered by the providers to the patient.
Medical claims management involves multiple administrative and customer service layers
that include review, investigation, adjustment, remittance or denial of a claim. Improved
focus on quality healthcare services and adoption of cloud technology related services are
contributing to the growth of the medical claims management solutions market.
According to the National Health Insurer Report Card published in 2011 by American Medical
Association (AMA), around $17 billion a year (on an average) could be saved by eliminating
errors in claims. Automation reduces the paper storage and document retrieval costs while
complying with regulatory standards such as Health Insurance Portability and Accountability
Act (HIPAA). Health insurance payers invest in their claims management systems to gain
interoperability and faster release of new insurance claims, in addition to, improving
efficiency of claims processing.
Medical Claims Management Solutions Market
The increasing investment in the healthcare infrastructure and services in Asia-Pacific
offers huge market potential for the players to grow in medical claims management
solutions market. Countries such as India and China are the two rapidly growing
economies in the Asia-Pacific region, followed by South Korea. The government in
these countries are putting in several efforts to provide better healthcare services and
improved healthcare infrastructure. Healthcare IT related services bridge the gap
between healthcare entities by lowering down the manual errors and also reducing
healthcare expenditure. However, the healthcare IT industry in India is at its nascent
stage. Thus, heavy inflow of investments by various government agencies to improve
healthcare IT infrastructure in emerging markets is expected to create opportunities for
healthcare claims management solutions providers.
However, the Asia-Pacific is expected to witness the fastest growth during the forecast
period (2017-2023). The factors driving this growth include increasing geriatric
population and improved healthcare infrastructure in the region. In addition, the
government initiatives to spread awareness about the benefits of this technology
among the general population have also contributed to the medical claims
management solutions market in this region. Therefore, the demand for healthcare IT
solutions in the region is expected to increase significantly during the forecast period.
Medical Claims Management Solutions Market
Key competitors are introducing new and innovative
products Medical Claims Management Solutions
Market
The major players in the medical claims management solutions market include IBM
Corporation, Cerner Corporation, Oracle Corporation, Avaya Inc., Genpact Limited,
Cognizant Technology Solutions Corporation, Accenture PLC, Allscripts Healthcare
Solutions, Inc., Athenahealth Inc., Aspect Software Inc., and Infor Inc.
Medical Claims Management Solutions Market
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